Major Oil Marketers of Nigeria (MOMAN) is demanding for outstanding payment of N250 billion subsidy claims owed its members in 2014 to ensure sustainable importation of petroleum product.
Mr Obafemi Olawore, Executive Secretary of MOMAN disclosed this in an interactive session with journalists in Lagos said that the amount was outstanding payment on subsidy which includes interest rate and foreign exchange.
He also said members of MOMAN have been directed to revert their pump price from N 97 to N 87 per litre.
The marketers said that about 85 per cent of its members had reverted their pump price to reflect N 87 per litre, adding that others will follow suit immediately.
According to him, we are not against the reduction of pump price to N 87 per litre but government should also increase marketer’s margin of petroleum product.
“Marketers margin has been stagnating since 2007. No Reason was given by the minister for the reduction of the petrol pump price.
“Only N 4.60 was given as margin to marketers per litre since 2007 which has not change. The N10 reduction was on depot price not marketers margin.
“We were meant to believed that in line with Section 6 Clause 1 of the Petroleum Act, that it was the sole responsibility of the Minister of Petroleum to announce that there will be a reduction or increase in the pump price of petroleum,’’ he said.
Olawore, however urged the minister to expedite action on the committees promised to set up top look into the complaint of marketers over margin.
He said that MOMAN has agreed with Petroleum Product Pricing Regulatory Agency (PPPRA), Department of Petroleum Resources (DPR), Marine Inspectors, Audit and Ministry of Finance to take stock of product in their tank for adequate refund.